1621 6th Ave Ave E · Hibbing, MN 55746

$57,000

4 bd · 1.0 ba · 1,500 sqft · Other public records · 160 Days on market

Built 1920 3,049 sqft lot $38/sqft · 50% below area Est $66k · 13% under

---

Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +13.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This unique one-bedroom, 1 bath home is a good opportunity for affordable housing or an investment property with potential for future income (finishing the upper level). The main level has been completely remodeled, with new flooring, utilities (plumbing, electrical), new kitchen, new bathroom and freshly painted. The upper level has the framework to finish for another 2 bedroom, 1 bath and kitchen space, or just extra bedroom space to expand as a single unit house with more bedrooms. Great potential here - check it out!

Key facts

• New kitchen
• New bathroom
• Completely remodeled

Tags

• INVESTMENT PROPERTY
• COMPLETELY REMODELED
• NEW FLOORING
• NEW KITCHEN
• NEW BATHROOM
• FRESHLY PAINTED

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $57k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $57k).
• Recommended offer: $50k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.0% vs local median 6.6% in Hibbing — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 79/100 on livability (#103 in MN, #2,307 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Hibbing Public School District (town): math 43% / reading 54% proficiency, ranked #150 of 301 in MN (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 99 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).
• This rent runs 41% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $394 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $57k implies a 256% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $50,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.31% ✓
• Cap rate: 29.96%
• Cash-on-cash: 84.52%
• DSCR: 4.76
• GRM: 2.5

CMA / ARV

• ARV (median comp): $65,820
• List price: $57,000
• Delta: -13.40%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 84.9%
• Equity multiple: 4.91×
• Total profit: $62,373
• Equity at exit: $8,499

10-year hold

• IRR: 88.1%
• Equity multiple: 10.18×
• Total profit: $146,557
• Equity at exit: $4,928

Cash invested: $15,960 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 55746

• Home prices YoY: -18.7%
• Active inventory: 99
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,889 medium
• Mortgage (P&I): −$299
• Tax from tax record: −$45 /mo · $544/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $1,124

Break-even live

Break-even rent $466

Max offer price $57,000

Occupancy floor 35%

Sensitivity live

Price	-10% $1,156	-5% $1,140	+0% $1,124	+5% $1,108	+10% $1,092
Rent	-10% $975	-5% $1,050	+0% $1,124	+5% $1,199	+10% $1,273
Rate	-1.0pp $1,153	-0.5pp $1,139	base $1,124	+0.5pp $1,109	+1.0pp $1,094

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $14,250
• Closing costs: $1,710
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1627 E 29th St Hibbing, MN	3.0	1.0	1200	$1,535	$1.28	45d	1	1.37mi

Listing history 26 events

1. 2026-06-21
   days on market $57,000 Active 160 DOM
2. 2026-06-19
   days on market $57,000 Active 158 DOM
3. 2026-06-18
   days on market $57,000 Active 157 DOM
4. 2026-06-17
   days on market $57,000 Active 156 DOM
5. 2026-06-16
   days on market $57,000 Active 155 DOM
6. 2026-06-15
   days on market $57,000 Active 154 DOM
7. 2026-06-14
   days on market $57,000 Active 152 DOM
8. 2026-06-13
   days on market $57,000 Active 151 DOM
9. 2026-06-10
   days on market $57,000 Active 149 DOM
10. 2026-06-09
    days on market $57,000 Active 148 DOM
11. 2026-06-08
    days on market $57,000 Active 147 DOM
12. 2026-06-07
    days on market $57,000 Active 146 DOM
13. 2026-06-05
    days on market $57,000 Active 143 DOM
14. 2026-06-03
    days on market $57,000 Active 142 DOM
15. 2026-06-02
    days on market $57,000 Active 141 DOM
16. 2026-06-01
    days on market $57,000 Active 140 DOM
17. 2026-05-31
    days on market $57,000 Active 139 DOM
18. 2026-05-30
    days on market $57,000 Active 138 DOM
19. 2026-05-08
    price $57,000 526-char remark

    Show marketing remark (526 chars)

    This unique one-bedroom, 1 bath home is a good opportunity for affordable housing or an investment property with potential for future income (finishing the upper level). The main level has been completely remodeled, with new flooring, utilities (plumbing, electrical), new kitchen, new bathroom and freshly painted. The upper level has the framework to finish for another 2 bedroom, 1 bath and kitchen space, or just extra bedroom space to expand as a single unit house with more bedrooms. Great potential here - check it out!

20. 2026-03-03
    price $59,000 526-char remark

    Show marketing remark (526 chars)

    This unique one-bedroom, 1 bath home is a good opportunity for affordable housing or an investment property with potential for future income (finishing the upper level). The main level has been completely remodeled, with new flooring, utilities (plumbing, electrical), new kitchen, new bathroom and freshly painted. The upper level has the framework to finish for another 2 bedroom, 1 bath and kitchen space, or just extra bedroom space to expand as a single unit house with more bedrooms. Great potential here - check it out!

21. 2026-01-13
    listed $62,000 Active 526-char remark

    Show marketing remark (526 chars)

    This unique one-bedroom, 1 bath home is a good opportunity for affordable housing or an investment property with potential for future income (finishing the upper level). The main level has been completely remodeled, with new flooring, utilities (plumbing, electrical), new kitchen, new bathroom and freshly painted. The upper level has the framework to finish for another 2 bedroom, 1 bath and kitchen space, or just extra bedroom space to expand as a single unit house with more bedrooms. Great potential here - check it out!

22. 2024-10-04
    price $16,000
23. 2024-08-21
    price $20,000
24. 2022-07-21
    soldstatus $16,000
25. 2022-07-19
    soldstatus $197,818
26. 2022-06-18
    listed $17,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $544 · $45/mo
• Projected year-2 tax: $591 · $49/mo
• Expected delta: +$47/yr (+$4/mo · 8.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,665
• − Mortgage interest: −$3,193
• − Property taxes: −$544
• − Insurance: −$285
• − Repairs & maintenance: −$1,813
• − Management: −$1,813
• − Depreciation: −$1,658
• Taxable income: $13,359
• Est. tax owed @ 24.0%: −$3,206
• After-tax cash flow: $10,284/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hibbing Public School District
• NCES district ID: 2713980
• Math proficiency: 43% ▼ -14.00%
• Reading proficiency: 54% ▼ -13.00%
• Median HH income: $41,666
• Composite: 40.7/100
• National rank: #3667
• State rank: #150 of 301 in MN

Livability — Hibbing

• Score: 79/100
• State rank: #103
• US rank: #2307

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hibbing, MN
• County: Saint Louis County · 115,152 people
• City population: 16,730
• Metro: Duluth, MN-WI
• Population (ZIP): 16,730
• Household income: $55,823
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 623.0

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 202,411 people
• By 2030: 203,234 · +0.4%
• By 2040: 202,520 · +0.1%
• By 2050: 200,853 · -0.8%
• By 2075: 200,943 · -0.7%
• By 2100: 192,058 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 2% Hispanic / Latino 2%
• Common ancestry: Portuguese 10% Lithuanian 2% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · St. Louis

• 2024 margin: D (+13.7) · D 55.9% · R 42.2% · Other 1.8%
• 2008→2024 swing: -18.8pp toward R · 2008: 32.5pp · 2024: 13.7pp
• All cycles: 2024: D+13.7 2020: D+15.6 2016: D+11.8 2012: D+29.6 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.85%
• Current HPI: 220.7198
• Rent YoY: —
• Metro: Duluth, MN-WI
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+218.4% since first listed

8 events — show timeline

• 2026-05-08 Price Changed $57,000 RAOR
• 2026-03-03 Price Changed $59,000 RAOR
• 2026-01-13 Listed $62,000 RAOR
• 2024-10-04 Price Changed $16,000 RAOR
• 2024-08-21 Price Changed $20,000 RAOR
• 2022-07-21 Sold (MLS) $16,000 RAOR
• 2022-07-19 Sold (Public Records) $197,818 Public Records
• 2022-06-18 Listed $17,900 RAOR

Property tax history

+13.4%/yr

Latest (2025): $544 · -0.4% YoY. Source: county tax records.